Tenaris provides information pursuant to Luxembourg Transparency Law

Tenaris S.A. announced that its controlling shareholder, San Faustin S.A., passively crossed a voting rights threshold under Luxembourg Transparency Law due to Tenaris's share buyback program. San Faustin now holds 66.82% of Tenaris's voting rights, representing 713,605,187 shares, but the company's control structure remains unchanged as disclosed in the 2024 annual report. The company's announcement comes amid broader market uncertainty and highlights the potential impact of share repurchase programs on shareholder control.

Analysis

Tenaris S.A. has disclosed that its controlling shareholder, San Faustin S.A., passively crossed a voting rights threshold, now holding 66.82% of voting rights with 713,605,187 shares. This change, reported under Luxembourg Transparency Law, is a direct result of Tenaris's own share repurchases executed between June 9 and June 13, 2025, under its buyback program announced on May 27, 2025. Significantly, Tenaris confirmed that this percentage increase does not alter the company's control structure as outlined in its 2024 annual report. The event underscores the mechanical impact of share buybacks on ownership concentration, particularly for significant existing shareholders, without any active change in their investment. The neutral sentiment and low market impact associated with this news suggest it is viewed as a regulatory compliance matter rather than a development with immediate, material implications for Tenaris's operational or strategic outlook.

Key Decisions for Investors

• Investors should recognize that the reported increase in San Faustin's voting rights in Tenaris to 66.82% is a technical consequence of the ongoing share repurchase program and does not signify a change in the company's established control structure.
• Monitor the execution and scale of Tenaris's share buyback program, as continued repurchases will further increase the controlling shareholder's percentage and may positively impact earnings per share.
• Consider this disclosure primarily as a compliance update under Luxembourg law, rather than a catalyst for immediate strategic shifts in investment positions related to Tenaris, given the pre-existing majority control by San Faustin.